AIG VP Gets 4 Years For Fraud

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What will $500 million get you? Four years in prison if you are a former executive of American International Group convicted in a fraud case that authorities say cost shareholders more than $500 million.

What will $500 million get you? Four years in prison if you are a former executive of American International Group convicted in a fraud case that authorities say cost shareholders more than $500 million.

Milton declined to comment during a hearing in Hartford federal court Tuesday. He was ordered to report to prison March 25. His lawyers said they're working on an appeal.

Judge Christopher Droney also fined Milton $200,000. Authorities expect him to be deported to his native England after he serves his sentence.

Milton was AIG's vice president of reinsurance from 1982 until 2005.

Prosecutors said New York-based AIG paid Gen Re in a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up AIG's stock price and inflating reserves by $500 million.